Property manager
A person or company that runs a rental property for the owner: marketing, screening, leasing, collecting rent, coordinating repairs. Typically charges 8% to 12% of collected rent.
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Part 1 of 4
Why a seller cares
If a manager runs your rental, their agreement usually has a termination clause and a fee on sale, and the buyer may want to keep them or not. Their records are what the buyer reviews.
Part 2 of 4
A simple example
Your manager takes 10% of rent and the agreement has a sixty-day termination clause. The buyer wants to self-manage, so notice goes out when the contract is signed.
| What the manager holds | What happens at sale |
|---|---|
| The lease, the deposit, the records | Handed to the buyer or the buyer's manager at closing |
| The management agreement | Ended with notice, or assigned to the buyer if both agree |
| A fee on sale, if the agreement has one | Paid by the seller at closing |
The manager works for the owner, and the owner changes at closing.
Part 3 of 4
What people get wrong
That the manager comes with the building. The agreement is with you, and it ends or transfers as it says.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
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